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Markets end with gains; PSU banks surge

Markets end with gains; PSU banks surge
Markets ended the day higher as buying interest in banks, realty and high beta metal names saw indices surging higher.

The S&P CNX Nifty ended the day with gains of 32.80 points, while the Sensex rallied 111.25 points. Among the stocks that gained in trade today were IDFC, Sun Pharma, Tata Motors, ONGC and Maruti Suzuki.

Metals and Realty saw strong buying interest as investors moved away from defensives and into high beta names. Metal stocks that rallied in trade today were Jindal Steel, Sesa Goa, Tata Steel and Hindalco.

Automobile stocks too rallied on hopes that the RBI would start cutting interest rates leading to a spurt in demand. Auto stocks that gained in trade today included Bajaj Auto, Tata Motors and HeroMotorCorp.

Among the losers in trade today were HDFC, L&T, Cairn India, Axis Bank, ITC and ICICI Bank. From the non index stocks Kingfisher Airlines fell as the company still awaits a decision by Etihad on a stake buyout.

Software stocks too saw buying interest with TCS, Wipro and Infosys amongst the gainers. In fact, TCS gained after Morgan Stanley upgraded the stock to overweight.

Banking stocks gained as the Lok Sabha cleared the Banking Laws Ammendment Bill paving the way for reforms in the banking sector. PSU bank stocks including Allahabad Bank, Andhra Bank, IDBI Bank, IOB, Punjab National Bank, Syndicate Bank and State Bank of India all rallied.

Meanwhile, markets in Europe were trading marginally higher, while most of Asia led by the Japanese Nikkei ended the day with gains.

Read more about: sensex nifty
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